Artificial intelligence’s (AI) recent rapid development continues to elevate human intelligence to unprecedented levels and revolutionise industries like the healthcare and financial sectors. In the context of the pharmaceutical industry in Southeast Asia, which is on target to reach USD 14.29 billion in 2024, according to Statista Research, AI will play a pivotal role in various drug discovery stages. Its potential benefits include enhancing data analysis, formulating medicines, identifying new drug candidates, testing dosage forms, and predicting drug effectiveness.
Adopting AI in pharmaceuticals brings efficiency to the industry and the research facilities. It reduces costs and increases the chances of industry regulators giving the drugs the stamp of approval at the last evaluation stage. Furthermore, it can automate some tasks, reducing workloads and limiting human errors when inputting medical data.
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Singapore has ASEANs most developed pharma market because it is government-backed and has become a hub for research and innovation. It is receiving foreign investments and attracting large medical manufacturing companies like Pfizer, Novartis, etc.
Extent of AI adoption in Southeast Asia’s pharmaceutical industry
According to Statista’s report, customer preferences have recently changed, with people seeking affordable, high-quality pharmaceutical products. Thus, the demand for generic, branded, and over-the-counter (OTC) medicines has increased.
Here are some ways in which artificial intelligence can be leveraged in drug development ventures:
- Boosting clinical trials: AI can significantly enhance clinical trials by simplifying the selection of participants for medical researchers. It achieves this by reviewing and analysing individual datasets before presenting the findings in reports. Moreover, algorithms can determine patients’ optimal doses and treatment regimens, streamlining the clinical trial process.
- Speeding up the drug discovery process: Artificial intelligence technology can expedite discovery by assisting the pharmaceutical industry in recruiting top talent for various positions. Candidates can use AI-driven resume writing tools, while recruiters can efficiently screen potential hires and eliminate bias in the hiring process. This efficient use can attract top talent to the medical sector, ensuring matching employees to their ideal positions.
Moreover, computer-assisted tools for modelling and design and automated data processing make it possible to identify molecules responsible for diseases and predict the drug samples that are effective in treatment.
It can also review old clinical data against the latest ones to uncover myths about drug discovery. Once the technology analyses previous data and condenses it into actionable insights, researchers can solve medical issues faster and make more efficient drugs.
- Wearable tech monitoring: Startups can use artificial intelligence to collect data from wearable technologies. Once subjects participate in a clinical trial, the wearable can track their temperature, heart rates, and body stress. This data gives researchers real-time and long-term data that can help them tweak their drug formulations to suit patients.
- Lowering costs: Using AI reduces operational and raw material costs when developing new drugs, making the final medicines more affordable for the consumer. Women find it challenging to obtain affordable medical solutions for their specific needs, and that issue could now be resolved. The technology can also detect toxicity levels in formulated drugs, thereby saving researchers time spent on development.
- Personalised medicine: Companies like Engine Biosciences use artificial intelligence to develop precision medicine for patients. It uses specific genetic and treatment contexts to discover the ideal drugs to treat unique health problems.
Challenges facing AI implementation in Southeast Asia’s pharmaceutical sector
The Association of Southeast Asian Nations (ASEAN) faces challenges in implementing AI in the pharmaceutical sector. Digital infrastructure limitations, inadequate skilled experts, and faulty algorithms may skew results. Second, regulatory hurdles remain as regional governments need help harmonising regional policies.
Third, underlying macroeconomic factors mean people may not have the money to spend on costly treatments or access new tech in rural areas. Fourth, the COVID-19 pandemic made citizens more health-conscious, and some people are now willing to experiment with natural and alternative medicines to avoid the adverse side effects of pharma drugs.
How AI can shape the future of ASEAN’s pharmaceutical industry
The region’s pharmaceutical industry’s future is bright, with AI set to play a significant role. As the region’s demand for wellness and healthcare continues to grow, it will help the industry meet these needs more effectively and efficiently.
Malaysia’s robust biotech ecosystem has ensured collaboration among healthcare companies, startups, academic institutions, and government bodies. Medical startups can ensure that adopting AI in pharmaceuticals works to deliver drugs efficiently.
According to Statista’s predictions for 2024, Indonesia will lead the way with USD 16.05 billion in pharma sales, followed by Vietnam with USD 9.84 billion, and Thailand with USD 6.9 billion. The Philippines comes next with USD 4.17 billion, Malaysia with USD 2.76 billion, and Singapore with USD 1.32 billion. Overall, the pharmaceutical industry in Southeast Asia has its best years ahead as it integrates AI into its operations and products.